Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in India for their residential use?
A person of Indian origin resident outside India does not require any permission to acquire any immovable property other than agricultural land/farm house/plantation property in India by purchase, from out of funds: – Received in India by way of inward remittance through banking channel from any place outside India or -Held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank under the Act. If you are not able to find the answer you are looking for, please send us a message by clicking here. We will address the same.
• Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are,therefore,not required to obtain separate permission of Reserve Bank. • In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission? • The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NTE/FCNR accounts maintained with banks in India. • What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission. • They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immov
Related Questions
- Do foreign citizens of Indian origin require permission from the Reserve Bank to purchase immovable property in India for their residential use ?
- Do foreign citizens of Indian Origin require permission of Reserve Bank to purchase immovable property in India for their residential purpose?
- Do foreign citizens of Indian origin require permission of the Reserve Bank to purchase immovable property in India for their residential use?
